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Virtual Credit Cards – The Shield Against Online Frauds

Virtual Credit Cards

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When you do an online transaction with a reputed online e-commerce platform like Amazon, you can feel quite sure that the organization wouldn’t mishandle your card number. However, when the dealer is new or has a small digital presence, you should bear extra caution. The vendor in such cases has your address and in addition your card number, expiry date, and security code (very easy to retrieve because you never know if the encryption works in the same way as promised on the website or some other person might be sneaking as well if proper layers of security haven’t been added). This is all the vendor needs to go island hopping in the Caribbean

Indeed, it’s true that you’re not liable for unapproved charges, but until the point when you get the charges switched, your account might not have enough credit for other, substantial buys. By paying with a virtual credit card number, you can shop securely notwithstanding when the trader seems fishy.

What really is a Virtual Credit Card?

A virtual credit card number is an arbitrarily created card number related to your actual credit card. Contingent upon the provider, you might have the capacity to set a limit for the virtual number, additionally securing your exchange. What’s more, you can set it to expire any time till up to a year from its creation date. To the online vendor, it appears to be just like any other credit card number. The charges show up on your bill, however, the vendor doesn’t have your actual card number.

The benefits of virtual card numbers

The Fair Credit Billing Act directs that you’ll never be obligated for more than $50 in unapproved charges if your credit card is lost or stolen. That sum drops to $0 on the off chance that you report your card as stolen before it is utilized or if your number, not your card, is stolen. Card providers like, Visa, Mastercard, Discover, and American Express additionally give zero obligation to unapproved charges, which means the $50 risk does not matter.

Notwithstanding, if your credit card information is stolen, you may have to invest a lot of time in pressing charges, recording a police report, and supplanting your card. From that point onward, you’ll need to refresh any accounts that are linked to your card whose information has been lost. Utilizing a virtual credit card number at any online dealer can spare you cerebral pains if that vendor plays foul.

The advantages are significantly clearer when you analyze the laws encompassing ATM, which are dictated by the Electronic Fund Transfer Act. Your obligation fluctuates in view of when you report the loss of your card. In fact, you could be in charge of all the cash taken from your card account on the off chance that you neglect to report it in a specified way. In the event that you consistently utilize your card for web-based shopping, changing to a credit card that offers a virtual card number service to keep problems at bay.

Where Can I Get a Virtual Credit Card?

Bank of America offers the ShopSafe to any Visa or MasterCard holder who likewise manages accounts via the internet. Citibank’s Virtual Account Number service additionally gives you a chance to set a credit limit and expiry date, and it incorporates a discretionary Windows-only application that can consequently fill in credit card specifics. MasterCard has its own virtual credit card Check with the guarantor of your credit card to see whether this service is accessible, as more and more banks and financial institutions are taking a paradigm shift towards Virtual credit cards.

The greatest negative aspect of using virtual credit card numbers is that they just work on the web. You can’t utilize a virtual credit card in a circumstance where you’d swipe a physical card. Likewise, returns can be troublesome if the virtual card you utilized has lapsed.


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